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    • TiredDonna
    • By TiredDonna 6th Oct 17, 8:37 AM
    • 19Posts
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    TiredDonna
    What should my boyfriend do in this situation?
    • #1
    • 6th Oct 17, 8:37 AM
    What should my boyfriend do in this situation? 6th Oct 17 at 8:37 AM
    I am in my late thirties with my own home and am working on being mortgage-free by the time I'm forty. My boyfriend of nearly two years is in his early forties and has no property but moved in with me last year. We split the bills and he has some healthy savings for a deposit on his own house. Next year he may possibly do a PhD, supplementing his scholarship with earnings from consultancy. He worries about security in his old age.

    He had intended to invest in a property, renting it out. However, he has now learned that he cannot do this, but must live in the property for one or two years (depending upon the mortgage provider) before he can rent it out. His question is what should he do now?

    His friend (works in property) says to forget the legalities, buy a house and rent it out anyway. We do not feel that is an option.

    Should he buy a house and leave it empty until he can rent it? Neither of us is comfortable with owning an empty property. He could get a doer-upper to make the most of that time, but I'm not sure either of us would enjoy spending our leisure time doing this.

    Should he just continue saving up money and see what the situation is in a couple of years?

    Any thoughts would be appreciated.
Page 2
    • TiredDonna
    • By TiredDonna 6th Oct 17, 1:47 PM
    • 19 Posts
    • 4 Thanks
    TiredDonna
    Hi xylophone, using two houses between us is a good idea. I could certainly get behind the idea of a doer-upper in the Peak District!

    What do you mean by "has he checked his state pension"? What would he be checking for? We both anticipate not being able to retire until we're 70+.
    • cjdavies
    • By cjdavies 6th Oct 17, 1:49 PM
    • 2,850 Posts
    • 2,886 Thanks
    cjdavies
    His friend (works in property) says to forget the legalities, buy a house and rent it out anyway. We do not feel that is an option.
    Originally posted by TiredDonna
    Don't listen to this friend, may work in property but has no clue what they are talking about.
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